SME neo-banking platform Open on Tuesday announced its acquisition of consumer neo-banking platform Finin for $10 million in a cash-and-stock deal.
Launched in 2019, Finin was founded by Suman Gandham and Sudheer Maram. Finin was backed by Unicorn India Ventures and Archana Priyadarshini, and offers a savings account that allows consumers to save and invest their money.
The acquisition will strengthen Open’s cloud native enterprise offering BankingStack through which it has deployed SME digital banking solutions for 17 banks, as well as the recently launched no-code embedded finance platform Zwitch.
BankingStack offers a fintech OS for financial institutions to launch innovative digital banking solutions and with the addition of Finin, BankingStack will be able to offer holistic consumer and business banking solutions to financial institutions, Open said.
The Open platform powers close to 2 million SMEs and processes over $24 billion in annualised transactions. The platform also adds over 100,000 SMEs every month.
Anish Achuthan, Co-founder and CEO, Open Financial Technologies, said, “The acquisition of Finin adds strategic value to Open’s offering in the cloud native enterprise banking and embedded finance space.”
Open is backed by leading global investors Temasek, Google, Tiger Global, SBI Holdings Japan, 3one4 Capital, Speed Invest, Beenext, Recruit Strategic Partners, Unicorn India Ventures, Tanglin Venture Partner Advisors and Angellist. It has raised $140 million in funding so far.